Near prime finance provider, The Car Finance Company (TCFC), is to increase the maximum size of its loans from £6,500 to £10,000.
TCFC said the move came after it analysed over 30,000 of its customers and found a growing number of non-prime borrowers would be able to afford the higher loans.
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The provider will also be increasing the potential length of its terms from 36 months to 48 months.
Partly as a result of an increased lending range, the company plans to double its monthly lending by the end of 2015. In 2014, that number reached £8m, up from £500,000 three years before.
The company, which signed a sponsorship deal with Portsmouth FC in September 2014 over the North Stand, was founded in 2007.
Mark Smith, founder and managing director of TCFC, said: ""So often we hear of applicants declined loans because of historic problems, even though these have long since been remedied and the person’s earnings are back on track.
"Our underwriters deal one-to-one with customers to create an accurate and up-to-the-minute picture of their present position, and their long-term ability to afford repayments."
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By GlobalData
